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The Premiere Resource For

Mobile Home Loans

Mobile Home Program Highlights

  • Low Fixed rates
  • Up to 95% financing
  • No maximum loan amounts
  • No cash reserves required
  • Gifted down payments
  • No mortgage insurance required
  • Debt to income ratio up to 45%
About M H Loans
Toll-Free 888-809-1145

What criteria do lenders use when approving a loan?


Lenders weigh your housing expenses and total debt against your monthly income to determine your ability to repay a loan. You must prove that you have the cash available for the down payment and closing costs by verifying funds from sources such as bank accounts, stocks, bonds, mutual funds, sale of an existing home, or gifts from family members.


To determine your credit risk, lenders look at your previous mortgage payment history, rent payment history, credit card use and installment debt payment history. If you pay your bills regularly and on time, you're demonstrating the integrity that lenders are looking for in a borrower.


When you ask for a mobile home loan, you put the manufactured home itself up for collateral. Lenders will want to know what the home is worth before funding a loan.

Should I rent or buy a home?

The low rates we offer at MH Loans make owning a mobile home more affordable than ever before. Still, there are costs aside from the monthly mortgage payment to consider.

When making the decision to rent or buy, it can be tough weighing the pros against the cons. That's why MH Loans does a simple interview to determine whether renting or ownership is the right fit for you.

Our goal is to match you to an affordable, long-term sustainable financial plan before we set you up with a mobile home loan.

manufactured home
mobile home

What should I know before buying a manufactured home?

First, develop a solid financial plan before you go house hunting.

Plan ahead.

Save as much as you can for the down payment and closing costs. We finance up to 95%, but the larger your down payment, the less you'll pay in the long run.

Establish good credit.

The better your credit, the better the interest rate will be on your loan. Pay your bills on time. Don't run your credit cards up to their maximum limit. If you're not sure how to manage all your bills, consult a free debt reduction agency.

Know what you can spend.

We can help you determine a comfortable price range, but it is vital that you first are able to commit to a budget. Your budget needs to contain allocations for the ongoing expenses of life such as new tires for the car, back to school wardrobes, etc. Having a budget and using it will help you establish or restore good credit, and, in some cases, make the difference in allowing you to afford your new mobile or manufactured home.

manufactured home

Then shop wisely.

Make a reasonable offer.

To determine a fair value on the home you want to buy, ask your real estate agent for a comparative market analysis listing all the sales prices of other houses in the neighborhood. Make sure the analysis includes other manufactured homes.

Choose your loan (and your lender) carefully.

For more information on how to do this, review our information on loans.

mobile home loan

And avoid changes in your financial status.

Don't change your job

If there's a career move in your future, make the move after your loan is funded. Lenders tend to favor a stable employment history.

Consult with your lender before paying off debts.

You may qualify even with your existing debt, especially if it frees up more cash for a down payment.

Don't shift money around during the application process.

A lender needs to verify all sources of funds. By leaving everything where it is, the process is a lot easier on everyone involved.

Don't add to your debt.

If you increase your debt by financing a new car, boat, furniture or other large purchase, it could prevent you from qualifying.

Timing is everything.

If you already own a home, you may need to sell your current home to qualify for a new one. If you're renting, time the move to the end of the lease if possible.

If you already own a home, you may need to sell your current home to qualify for a new one. If you're renting, time the move to the end of the lease if possible.

mobile home financing

How much house can I afford? This depends on two things:

1) your comfort level and 2) the lender's approval.

If you're young and upwardly mobile, you may feel comfortable stretching to afford a bigger home, knowing that eventually your increasing income will make the payments easier as time goes by. But if you're older or retiring soon, you may want a lower mortgage payment that won't require as much of your income.

The lender, on the other hand, will be looking at your credit rating, your income and other factors to determine how large of a mortgage you can support.

mobile home refinancing

What type of mobile home loan will be best for me?

Your personal goals and financial situation will determine which option is best; we can only make suggestions.

Your lender will provide you with a list of loan options to choose from and explain them to your satisfaction. These loan options are from creditors that we regularly do business with. The options may include the loan with the lowest rate that you qualify for, lowest monthly payment, or fewest points and origination fees. At MH Loans, we never offer loans with risky features such as prepayment penalty, negative amortization, or a balloon payment in the first seven years of the loan.

What will my closing costs be?

Every loan varies based on size and state. Your approval letter will have borrower-paid and lender-paid options for you to choose from.

Will I be charged points?

Not always. Some loans are structured so that the lender pays all points. Your approval letter will have both options for you to decide which loan best meets your needs.

How long will I be guaranteed the quoted interest rate?

This is called locking in a rate. Your approval letter will state how long your rate can be locked in and what is needed to lock it in.

How long will the closing process take?

This varies, so get an estimate, especially if you're on a deadline.

Does the loan have a prepayment penalty?

Not at MH Loans! We do not offer loans that are not favorable to our applicants.

mobile home lender

How do I apply for a mobile or manufactured home loan?

Either fill out the application online or call us directly at 888-809-1145.

Remember, your application doesn't obligate you to borrow the money.

Discover the MH Loans Difference!